Speedway Motorsports Announces First Quarter Results

Speedway Motorsports Inc. (SMI) announced first quarter 2011 total revenues of $86.7 million and adjusted non-GAAP (Generally Accepted Accounting Principles) income from continuing operations of $3.2 million or $0.08 per diluted share. That compares to 2010 total revenues of $118.5 million and income from continuing operations of $10.3 million or $0.24 per diluted share.

The company also reaffirmed its full year 2011 projected earnings of $0.90 to $1.20 per diluted share from continuing operations.

Factors that affected SMI’s first quarter results included:

The change to the Sprint Cup Series schedule, replacing a Cup race at Atlanta Motor Speedway with a race at Kentucky Speedway.

The move of a National Hot Rod Association Nationals racing event from last year’s first quarter to this year’s third quarter.

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Michael J Smith Michael J. Smith is a NASCAR enthusiast and blogger. In addition to founding this website, Michael is a journalist with over a decade of experience writing for prestigious media organizations.